Chinese keep on buying from Burberry
Thursday 17 April 2014
The luxury brand Burberry defied fears of a spending slowdown in China yesterday as it revealed demand for its distinctive check-lined trench coats and leather bags continued to grow.
Sales in Asia soared ahead 19 per cent in the six months to April but Burberry warned currency swings would mean profit could be hit in 2015.Chief executive Angela Ahrendts, presiding over her last trading update, will handover to Christopher Bailey next month and she said the "transition" was "well under way".
Mr Bailey will replace her as chief executive, while retaining his role of chief creative officer when Ms Ahrendts leaves to run Apple's shops.
Burberry yesterday reported strong sales growth with total revenue up by 19 per cent to £1.3bn in the second half and retail up 13 per cent to £928m. Full-year sales reached £2.3bn.
Paola Bertini, an analyst at Exane BNP, said: "The retail sales growth is encouraging, especially against a quite demanding comparative base."
The strong figures were driven by better-than-expected growth in China and Korea, as well as a 27 per cent jump in the US.
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